Project Review 2013/2014

Celebrating 80 years

of Quality Real

Estate Advice

Cyril Leonard are pleased to detail

in these pages current work in

progress or projects recently

completed by the Project and

Building Consultancy team.

These projects demonstrate our

continuing delivery of a quality

service to Clients across a large

range of property types

in locations throughout the UK.

With a strong emphasis on Project

Management and Technical Due

Diligence/Acquisition Surveys

we continue to build upon our

strong record in both commercial

and residential sectors and at the

time of writing we have in hand or

have recently completed Project

Management and Development

Monitoring work on over £60

million of work by construction

value. Our technical due diligence

work continues with our team

having processed survey work on

over £700 million worth of

property over the last 18 months.

Maidenhead

Cyril Leonard were instructed by UK

Clients to procure the Cat B fi t out

of new offi ce accommodation in

Berkshire for the Client’s occupation.

The CL team worked with the Client to

establish and defi ne their brief and

budgets, agree programmes and to

subsequently tender and procure works.

Contracts were placed, Landlord’s

Consent was obtained and the works to

establish and fi t out 15,000 sq ft of space

for occupation were completed on

programme and budget.

Bosch, Normanton

Cyril Leonard were instructed by Overseas

Clients to undertake pre-purchase

technical due diligence and survey work in

connection with the proposed acquisition

of this 44,116 sq ft factory premises south

of Leeds. This newly completed

development comprised 13,666 sq ft of

offi ces and 30,450 sq ft of factory space

completed to a high specifi cation and

fi tted out specifi cally for the current

occupier’s use. The property was acquired

by the fi rm’s Investment Department for

circa £4.5 million and is now managed by

our Asset Management Team.

Lancaster Gardens, Wimbledon

Cyril Leonard were instructed by Private

Clients to project manage the new build/

redevelopment of this 12,000 sq ft

detached residence on a prime Wimbledon

Village road. The construction period was

circa 22 months and involved the demolition

of an existing nursing home whilst retaining

the front façade and the construction of

accommodation over basement, ground,

fi rst and second fl oors. The contract value

was circa £4.5 million. The completed

house includes 6 bedrooms, 6 bathrooms,

a media/games room, gym and guest

apartment and was fully fi tted out to an

interior designer’s specifi cation

including bespoke cabinetry, furnishings

and artwork.

D’Arblay Street, London

On behalf of Fund Clients, Cyril Leonard

completed pre-purchase surveys and

technical due diligence to support the

purchase of the Freehold interest for

investment purposes. The premises

comprise two mid terraced buildings, one

being of traditional brick construction

dating back to the 1800’s and the other

being built in the 1930’s with a stucco

façade. The property was acquired for the

Fund by the fi rm’s Investment Department

for circa £6.5 million and the fi rm are

providing asset management advice.

We have surveyed over £700 million worth of property over the last 18 months.”

“

Finsbury Pavement, London

Cyril Leonard were instructed by

Institutional Fund Clients to undertake

pre-acquisition technical due diligence

and survey of this circa 79,000 sq ft prime

City offi ce development overlooking

Finsbury Square, London EC2 in

connection with this £57.5 million

acquisition.

The building was developed by Stanhope

in 1999 and provides Grade A offi ce

accommodation over 10 fl oors, with a

wine bar located on the ground fl oor. The

offi ce accommodation is let on an FRI

Headlease. This off market transaction

required due diligence activities to be

completed in strict confi dence within an

extremely tight timeframe.

MK Central, Milton Keynes

Cyril Leonard’s Project and Building

Consultancy team recently completed

the refurbishment of the 4th fl oor and

ground fl oor north reception within this

120,000 sq. ft. offi ce building above

Milton Keynes Station.

The works consisted of a complete

strip out of the previous Tenant’s

fi xtures and fi ttings on the 4th fl oor

and comprehensive refurbishment to

provide 30,000 sq. ft. Cat A offi ce

accommodation. In addition the works

included refurbishment to toilet

accommodation and repairs and

enhancement to air conditioning

systems throughout the building on all

fl oors including occupied areas at 1st

fl oor level. The main north reception

was also refurbished and new

automatic entrance doors were

installed.

Cyril Leonard have also been

instructed to procure overhaul and

maintenance works to external curtain

walling and cladding to the property.

Waterstones, Piccadilly

Cyril Leonard’s Project and Building

Consultancy team were instructed by

Clients to undertake pre-purchase

technical due diligence in connection with

the acquisition of this landmark Central

London building for a price in excess of

£67.5 million. This work included a

review and validation of a Vendor’s survey.

The fi rm’s Investment Department acted

for the Clients in acquiring this 66,317 sq

ft Grade II* Listed landmark property.

Dallington Street, London

On behalf of Property Company Clients

Cyril Leonard have been appointed to

act as Project Managers and Employer’s

Agents in relation to this existing 64,000

sq. ft. offi ce development in Clerkenwell.

The scheme will include the extension

of the building to provide circa 80,000

sq. ft. newly refurbished and reconfi gured

offi ce accommodation. The extension

will include the addition of new fl oors as

well as extensions of existing lightwells to

provide new accommodation.

Trinity Court, Rickmansworth

Cyril Leonard have been instructed by

Fund Clients to project manage the

refurbishment of offi ce accommodation

and the common parts at Trinity Court, a

multi-let offi ce building comprising ground

and two upper fl oors. The property

provides 26,500 sq ft of offi ce

accommodation.

Eaton Square, London

Cyril Leonard’s Project and Building

Consultancy team have been

instructed to act as Project Managers

by Private Developers in connection

with the unifi cation of two adjoining

fl ats and refurbishment to create a

new lateral conversion comprising

approximately 10,000 sq ft of space.

The scheme involves large extensions

to the rear on upper fl oors as well

as a new basement swimming pool

within the rear garden. The estimated

construction cost is circa £8.5 million.

The premises are Grade II* Listed

and constructed circa 1850. Works

are currently on site and are due for

completion end 2015.

Maidenhead

Cyril Leonard were instructed by a

multinational pharmaceutical Client

to act on their behalf in connection

with the procurement and subsequent

Project Management of “churn”

works within their existing 76,000

sq ft offi ce premises in Maidenhead.

The work involved the refi t and

refurbishment of 35,000 sq ft of

space within this occupied offi ce

premises, the project works being

phased to allow continued

occupation and use of the premises

and relocation of staff to suit the

progress of the works. The works

were successfully completed on

programme and budget.

Baker Street, London

Cyril Leonard’s Project and Building

Consultancy team were instructed to

undertake pre-leasing technical due

diligence in support of the acquisition of

7,600 sq. ft. space on of the 1st fl oor of

Accurist House on Baker Street in order to

support the leasing of the space by Clients

through Cyril Leonard’s Agency team.

Radstock Street, London

Cyril Leonard were instructed on

behalf of Developer Clients to provide

advice in relation to the marketability

of the commercial B1 element within

this proposed new build mixed use

development. In conjunction with our

Investment colleagues we reviewed the

current Planning Consent, the proposed

specifi cation, confi guration and quality

of the commercial B1 accommodation in

relation to the local market norm. This

supported the provision of advice to the

Client as regards rental values and project

viability.

The works were successfully completed on programme and budget.”

“

ISIS House, Oxford

Cyril Leonard’s Project and Building

Consultancy team were instructed to un-

dertake pre-purchase technical due

diligence and survey work in connection

with the proposed purchase of the

Freehold interest in this property for

investment purposes by Overseas Clients.

The property comprised 33,000 sq ft of

offi ce and research and development

facility recently subject to extensive and

specialist fi t out and let to a new Tenant

under the terms of a 15 year FRI Lease.

Cyril Leonard’s Investment team acted

for the purchaser and the property is now

managed by the fi rm’s Asset Management

department.

Virgin Active, Northampton

Cyril Leonard received instructions from

a private Property Company to undertake

a pre-acquisition due diligence survey on

this circa 30,000 sq ft high quality gym

and leisure facility in Northampton.

Facilities include indoor and outdoor

swimming complexes with spa pools and

saunas, large gymnasium, studios, spa

treatment facility and bar/restaurant.

Arthur Stanley House, London

On behalf of Private Clients and to

support the purchase of a Freehold

interest, Cyril Leonard completed

inspections and carried out technical due

diligence of this concrete framed building

arranged over sub-basement, basement

and eight upper fl oors comprising 63,000

sq. ft. in Fitzrovia. The Cyril Leonard Team

are now providing technical and feasibility

support in connection with redevelopment

options. The Freehold was acquired for

Clients by the fi rm’s Investment team.

30-34 Moorgate, London

Cyril Leonard were instructed by

Fund Clients to undertake pre-purchase

technical due diligence in connection with

the acquisition of this 28,000 sq ft offi ce

building in the City of London acquired

for the purposes of redevelopment and

refurbishment.

...we have in hand or have recently completed project management and development monitoring work on over £60 million worth of work by construction value”

“

Belgrave Mews North, London

Cyril Leonard were instructed through

Client’s Solicitors to undertake a

pre-purchase survey and technical due

diligence in connection with the proposed

purchase of this Central London mews

house acquired for Private Clients for in

excess of £6 million. The property had

been newly reconstructed behind

a retained façade and provided

accommodation on lower ground,

ground and three upper fl oors.

Deer Park, Merton

Following Lease termination Cyril Leonard

were instructed on behalf of the Landlord

to prepare and serve a Schedule of

Dilapidations on the Tenant of this 16,500

sq ft industrial unit in Merton. The Project

and Building Consultancy team were also

instructed to prepare a Specifi cation of

Works and implement a repairs and

refurbishment scheme in order to enable

the property to be remarketed for

occupation. Following settlement of the

dilapidations claim competitive tenders

were obtained and works implemented.

Furniture Village, Hove

Cyril Leonard have been instructed to act

as Landlord’s Monitoring Surveyor by

Fund Clients to oversee the extension

and subsequent fi t out works being

undertaken by Furniture Village.

The proposed extension involves the

construction of a circa 4,000 sq ft side

wing to the existing furniture warehouse

unit in Hove, providing new front of house

retail accommodation on two fl oors.

Works are due to commence on site

Spring/Summer 2014 and complete

for store opening before Christmas.

Cyril Leonard

Celebrate 80 years

Cyril Leonard was founded as a

Partnership in 1934 by Cyril and

Leonard Blausten with offi ces at

the Angel, Islington in North

London and, in 2014, celebrates

its 80th Anniversary. The fi rm

opened a second offi ce in Brook

Street, Mayfair opposite Claridges

in the late 1930’s and now

operates from offi ces close by in

Gilbert Street. The Partnership

acts for Clients in connection with

Real Estate Investment,

Development Funding, Real Estate

Leasing & Broking, Corporate

Consultancy, Asset & Facilities

Management, Landlord & Tenant

Work and Project and Building

Consultancy. These services are

provided either individually or on

a fully integrated basis to provide

Clients with a comprehensive

property service in-house. For

further details about the practice

visit www.cyrilleonard.co.uk.

Mansbridge Road, Southampton

Cyril Leonard were instructed by the

Tenants of the above property to act on

their behalf following receipt of a

Landlord’s Terminal Dilapidations claim

in excess of £600,000 in respect of this

circa 30,000 sq ft offi ce buiding. Section

18 Valuations have been commissioned

and, as we go to press, negotiations are

ongoing.

The Loxfords, London

Cyril Leonard were instructed to undertake

a pre-acquisition survey on this newly

completed 1,636 sq ft terraced townhouse

forming part of an Award winning

development. The instruction involved

carrying out inspections during

construction and accepting the building for

the Client on completion. This Leasehold

property was acquired at a price of £3.5

million for an Overseas Client.

For further information on any of the projects in this brochure or to discover the

range of services available from Cyril Leonard please contact Simon Blausten,

Jonathan Slater or Simon Rooke.

No material may be reproduced in whole or part without written permission. While every care is taken, the publisher cannot be held

legally responsible for any errors in articles or listings.

Simon Blausten

+44 (0)20 7408 4626

simon.blausten@cyrilleonard.co.uk

Jonathan Slater

+44 (0)20 7408 4640

jonathan.slater@cyrilleonard.co.uk

Simon Rooke

+44 (0)20 7408 4602

simon.rooke@cyrilleonard.co.uk

Cyril Leonard

22 Gilbert Street,

Grosvenor Square

London W1K 5EJ

United Kingdom

T: +44 (0)20 7408 2222F: +44 (0)20 7491 4292

www.cyrilleonard.com

Cyril Leonard provide the following

services: real estate leasing and

broking, real estate investment,

development funding, corporate

consultancy, asset and facilities

management and project and building

consultancy.

22 Gilbert Street

London W1K 5EJ

Tel: +44 (0)20 7408 2222

Fax +44 (0)20 7493 2482

www.cyrilleonard.co.uk